The last time Southern Californians had more homes on the market at mid-year was 2014.

According to ReportsOnHousing, there were 36,904 existing residences in the four-county region listed for sale as of June 27. Yes, that’s a five-year high for the mid-point of a year — a key seasonal moment near the end of the usual prime homebuying season.

But there are signs — albeit small ones — suggesting certain homeowners maybe be slowing their rush to sell after listings ballooned over the past year.

The number of homes for sale has been rising since May 2018. The supply of homes for sale is only up 12% on a year-over-year basis. I say “only” because this is the smallest year-over-year gain in 11 months. Also, note that inventories in Riverside County are up just 2%.

Perhaps a recent flood of “open house” signs have convinced some owners not to list their homes. How so?

Supply grew by just 2,984 listings in 2019’s first six months. Compare that to 2018’s first half, when the market quickly changed gears as owners added a whopping 9,899 homes to the market. Or note that since 2014, an average first-half supply gain was 6,801 new listings.

Still, after years of complaints from house hunters about limited choices, all these extra buying options have failed to impress buyers. Demand for homes — measured by new escrows opened in the past 30 days — was 13,457 on June 27, a scant 1% increase in 12 months.

It’s surprising that 2019’s lower mortgage rates haven’t helped much. Closed sales, as measured by CoreLogic, have declined for 10 consecutive months. Bigger-picture economic issues have emerged such as potential wars — military and trade battles — while the region’s job growth is still positive, but the pace slower. Plus, statewide consumer confidence is at a 32-month low.

This imbalance of eager sellers and balky buyers translates to longer sales periods. Such delays could also spook some owners from selling.

Of course, ReportsOnHousing’s estimated market time of 83 days — from initial listing to escrow — is down from 133 days at New Year’s. But that’s a time when the market is typically in near-hibernation.

Please note the region’s current selling speed is up nine days from June 2018. The latest result marks the slowest midyear homebuying pace since 2014.

Here’s how this homebuying malaise looks at the county level: recent results vs. a year ago and the five-year average for this time of year …

Orange County: 1,771 listings added this year — compared to an average 2,335 increase — bringing supply to 7,600. That’s 19% more inventory in a year. Escrows of 2,548 — down 2% in a year. Market time? 89 days vs. 73 a year earlier.

Los Angeles County: 1,919 listings added this year — vs. 3,375 average — bringing supply to 14,123. That’s up 11% since late June 2018. Escrows of 5,456 — off 3% in a year. Market time? 78 days vs. 68 a year earlier.

Riverside County: 335 fewer listings this year — vs. an average gain of 243 — putting supply at 8,863. That’s up 2% in 12 months. Escrows of 3,075, an increase of 4% in a year. Market time? 86 days vs. 88 a year earlier — the only selling-speed improvement in the region.

San Bernardino County: 371 fewer listings this year — an average gain of 848 — putting supply at 6,318. That’s up 20%in 12 months. Escrows of 2,378, an increase of 10% in a year. Market time? 80 days vs. 73 a year earlier.

Jonathan Lansner has been the Orange County Register's business columnist since 1997 and has been part of the newspaper's coverage of the local business scene since 1986. He is a native New Yorker who is a past national president of the Society of American Business Editors and Writers and a graduate of the University of Pennsylvania's Wharton School. Jon lives in Trabuco Canyon -- yes, a homeowner -- and when he's not fiddling with his trusty spreadsheet at work you can likely find him rooting for his beloved Anaheim Ducks or umpiring local lacrosse games.

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